Key Developments: Anglo American Platinum Ltd (AGPPY.PK)
5.21USD
18 Jun 2013
$0.06 (+1.17%)
$5.15
$5.16
$5.21
$5.16
1,952
9,865
$10.30
$4.84
Latest Key Developments (Source: Significant Developments)
Anglo American Platinum Ltd Scales Back South African Job Cuts Plan-Reuters
Reuters reported that Anglo American Platinum Ltd said it would cut 6,000 South African mining jobs, fewer than half the 14,000 initially proposed. Full Article
Anglo American Platinum Ltd Announces Changes To Board Of Directors
Anglo American Platinum Ltd announced the appointment of Valli Moosa as Independent Non-Executive Chairman of the Company with immediate effect. Valli Moosa’s appointment follows the retirement of Cynthia Carroll, who stepped down at the Company’s Annual General Meeting on April 26, 2013. Full Article
Anglo American Platinum Ltd To Sell, Shed Mines And Cut 14,000 Jobs-Reuters
Reuters reported that Anglo American Platinum Ltd said it will mothball two South African mines, sell another and cut 14,000 jobs. Full Article
Anglo American Platinum Ltd May Sell Union Mine In S.Africa Review-Reuters
Reuters reported that Anglo American Platinum Ltd is likely to sell or shut its Union mine as part of a review of its platinum business by parent Anglo American. Anglo American will announce a revival plan for its platinum arm Amplats on Tuesday. The world's top producer of the precious metal also said on Monday it likely fell to a full-year loss because of costly strikes. The review had widely been expected to lead at least some shaft closures due to soaring costs and falling profits. But closures could risk a new wave of labour unrest, with the militant Association of Mineworkers and Construction Union (AMCU) threatening to close operations like it did last year if the review leads to shutdowns and job losses. Full Article
Anglo American Platinum Ltd Issues FY 2012 Earnings Guidance
Anglo American Platinum Ltd announced that for fiscal 2012, it expects headline earnings per share (HEPS) to decrease to a loss of between ZAR4.91 and ZAR6.28 from a profit of ZAR13.65 reported for fiscal 2011 (the comparative period). The expected decrease in HEPS is primarily due to lower sales volumes and lower realised prices during 2012. Platinum sales volumes for the period were lower primarily due to the two-month illegal industrial action experienced during the second half of 2012. As a result of the illegal industrial action, the initial safety suspension and the ramp up period, which commenced November 16, 2012, total lost equivalent refined platinum production, including from joint ventures and associates, amounted to 306 koz. The losses in production resulted in an increase in unit cash operating cost in 2012, due to the retained fixed cost base which further negatively impacted on HEPS for the period. Basic earnings per share for the period is expected to decrease to a loss of between ZAR24.87 and ZAR26.24 from a profit of ZAR13.74 for the comparative period. Basic earnings for the period includes losses of ZAR463 million resulting from the revaluation of certain investments and ZAR6,606 million (after-tax ZAR4,756 million) for the write down in the carrying value of various projects and other assets, not in use, that are considered not economically viable in the current market environment. Full Article
Anglo American Platinum Ltd Says Striking Miners Return To Work-DJ
Dow Jones reported that Anglo American Platinum Ltd said on November 15, 2012 striking employees returned to work on November 15, 2012, ending a weeks-long strike. The Company said November 15, 2012 it will be at least a week before production resumes. In the meantime, workers will get safety training and a reintroduction into the mine. Striking worker representatives confirmed that miners had accepted the Company's latest offer, but they would still seek to demand their wage increase to 16,000 rand ($1,793.80) a month. Full Article
Anglo American Platinum Ltd Updates On Illegal Industrial Action Around Its Rustenburg, Union And Amandelbult Mining Operations
Anglo American Platinum Ltd announced that on October 29, 2012 its offer to facilitate the return to work of the Union and Amandelbult employees and to reinstate all 12 000 dismissed Rustenburg employees. The offer was strictly subject to all striking employees returning to work and doing actual work activities by no later than October 30, 2012. The Company confirms that this offer has not yet been accepted by employees. Disciplinary hearings for Amandelbult and Union Mine employees engaging in illegal strike action are already underway and the outcome will be announced in due course. The Company also notes the reports of 123 arrests made by SAPS since the illegal strike action and following the violence in the Rustenburg area and can confirm that 36 of those arrested are Anglo American Platinum employees. Full Article
Anglo American Platinum Ltd Updates On Illegal Industrial Action Around Its Rustenburg, Union And Amandelbult Mining Operations
Anglo American Platinum Ltd announced that it had entered into discussions with its recognised unions, NUM, NUMSA, UASA – The Union and representatives of the Strike committee, to explore options to facilitate the return to work of the Union and Amandelbult mine employees who are engaged in illegal strike action. The status of the 12 000 dismissed Rustenburg employees also formed part of the discussions. The discussions between the parties have been focused solely on exploring options of ensuring striking employees return to work and did not include any wage negotiations. At a meeting held on October 26, 2012 all parties expressed commitment for a return to work in the interests of the employees, their livelihoods and the Company. The Company made an offer to facilitate a return to work of all striking employees by no later than October 30, 2012. The offer included the reinstatement of the dismissed Rustenburg employees. Employees will return to work on the same terms and conditions of employment as applied before the illegal industrial action commenced and will receive a final written disciplinary warning. The Company has offered a once off hardship allowance of R2 000 net of tax in order to assist employees in dealing with financial difficulties arising out of the ‘No Work, No Pay’ principle. Full Article
Anglo American Platinum Ltd Commences Disciplinary Action Against Striking Employees
Anglo American Platinum Ltd confirms the employee attendance rate at Rustenburg mines remains below 20%, notwithstanding the Company’s repeated calls for striking employees to return to work. As indicated, disciplinary action against those employees participating in illegal strike action has commenced. Full Article
Anglo American Platinum Ltd To Commence Disciplinary Action If Employees Do Not Return To Work
Anglo American Platinum Ltd announced that it continues to experience a low turnout rate at Rustenburg mines which are currently reporting less than 20% attendance. As announced previously, the current industrial action is illegal and Anglo American Platinum has given notice to employees on several occasions that they are required to return to work and that legal avenues would be pursued if they failed to do so. Disciplinary action will be initiated on September 27, against those employees who persist in unlawful strike action. Anglo American Platinum confirms that the volume of lost platinum production from its Rustenburg mining operations since September 12, 2012 has amounted to approximately 20,000 ounces. Full Article
UPDATE 1-Sparring South African mine unions talk, Amplats hit by strike
PRETORIA, June 14 - Disgruntled workers at an Anglo American Platinum mine in South Africa prevented 2,400 miners from going above ground on Friday, the company said, dealing a blow to an attempt by the government to ease 18 months of unrest in the sector.
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